The White Paper « Call to Action » introduces a comprehensive operational model proposal, the CAST Framework, designed for the issuance, custody, and the OTC trades of financial instruments on a blockchain (the « Security Tokens ») published online in an open-source manner. It has been approved and trialed in substantial issuances of Security Tokens realized in 2019, 2020 and 2021 by systemic regulated institutions (banks, supranational, brokers, etc.), notably within Societe Generale Group.
The purpose of the White Paper « Call to Action » is to purpose a framework at bank-grade level designed to facilitate the establishment of acceptable market practices for capital market participants (issuers and investors), recognized trusted third parties (banks, investment firms, fund administors, lawyers, consultants, etc.), as well as start-ups and technology service providers, and to serve as a milestone for ongoing and future discussions with various policymakers and regulators across countries.
The White Paper “Call to Action” provides an initial description of the main components of the CAST Framework.
It proposes business rules, legal/regulatory and operational schemes as well as technical pre-requisites:
- To have an holistic approach by covering the whole life-cycle of security tokens;
- To ensure interoperability with legacy systems to facilitate transition;
- To secure compliance of the operations with current and on-going regulations;
- To remain agnostic of underlying distributed ledger technologies.